LenCred Small Business Loans Review

LenCred Small Business Loans is a business financing offering by LenCred, based in Blackwood, NJ. Founded in 2001, LenCred offers access to business loans in 50 states (and Washington, DC).

What are LenCred Small Business Loans’s rates?

LenCred Small Business Loans offers a business financing product that ranges from 0% APR up to 20% APR.

Does LenCred Small Business Loans charge an origination fee?

Yes, LenCred Small Business Loans charges a loan origination fee of 6% to 8% of the loan amount up to 5000. LenCred Small Business Loans deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does LenCred Small Business Loans set on the purpose of the loan?

LenCred Small Business Loans considers loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of business loans does LenCred Small Business Loans offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. LenCred Small Business Loans provides access to the following business loan types:

• Unsecured term loans
• Lines of Credit
• SBA Loans

Does LenCred Small Business Loans charge prepayment fees?

Yes, LenCred Small Business Loans charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.

How much can you borrow from LenCred Small Business Loans?

Loan amounts start at $25,000 and go up to $200,000.

What do you need to qualify for LenCred Small Business Loans?

LenCred Small Business Loans does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 700 and up to 850 may be eligible for LenCred Small Business Loans.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via LenCred Small Business Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LenCred Small Business Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of identity

What is the estimated funding time for a business loan via LenCred Small Business Loans?

LenCred Small Business Loans can provide a credit approval decision in less than an hour and fund the loan within 5 business days.

Does LenCred Small Business Loans report your account activity to credit bureaus?

Yes, LenCred Small Business Loans reports your account activity to the following credit reporting agencies:

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.